Comerica Inc. (NYSE:CMA) is set to announce its Q316 earnings results on Tuesday, October 18th. Analysts expect the company to announce earnings of $0.73 per share and revenue of $722.01 million for the quarter. Investors that are interested in registering for the company’s conference call can do so using this link.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. On average, analysts expect Comerica to post $2.41 EPS for the current fiscal year and $3.40 EPS for the next fiscal year.
Shares of Comerica Inc. (NYSE:CMA) opened at 47.91 on Friday. The stock has a 50 day moving average price of $47.18 and a 200-day moving average price of $44.11. Comerica Inc. has a 52 week low of $30.48 and a 52 week high of $49.75. The firm has a market capitalization of $8.33 billion, a price-to-earnings ratio of 20.80 and a beta of 1.36.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Tuesday, September 13th. This is a boost from Comerica’s previous quarterly dividend of $0.22. Comerica’s dividend payout ratio is presently 38.82%.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $45.92, for a total value of $105,707.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its position in Comerica by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,966 shares of the financial services provider’s stock worth $122,000 after buying an additional 244 shares during the last quarter. Tredje AP fonden raised its position in Comerica by 733.9% in the second quarter. Tredje AP fonden now owns 4,920 shares of the financial services provider’s stock worth $202,000 after buying an additional 4,330 shares during the last quarter. American National Registered Investment Advisor Inc. bought a new position in Comerica during the second quarter worth approximately $206,000. Dillon & Associates Inc. bought a new position in Comerica during the second quarter worth approximately $211,000. Finally, Wetherby Asset Management Inc. bought a new position in Comerica during the second quarter worth approximately $216,000. 84.59% of the stock is owned by institutional investors and hedge funds.
CMA has been the subject of a number of recent research reports. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, October 4th. Credit Agricole SA upped their target price on Comerica from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, September 6th. Bank of America Corp. cut Comerica from a “neutral” rating to an “underperform” rating and upped their target price for the stock from $30.48 to $36.00 in a report on Wednesday, June 29th. Barclays PLC upped their target price on Comerica from $42.00 to $45.00 and gave the stock an “underweight” rating in a report on Thursday, September 15th. Finally, Wedbush initiated coverage on Comerica in a report on Thursday, October 6th. They issued a “neutral” rating and a $49.00 target price for the company. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Comerica has an average rating of “Hold” and a consensus price target of $45.04.
Comerica Company Profile
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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